Poland’s ambitious plan to build its first nuclear power plant comes with a hefty price tag. The project’s estimated cost could reach PLN150bn (€34.6bn), according to Jan Chadam, the acting head of Poland’s nuclear power SPV Polskie Elektrownie Jadrowe (PEJ).
Construction on the Baltic Sea coast is scheduled to begin in 2026, with the first unit coming online in 2033. Two additional units are expected to follow within the next three years. US companies Westinghouse and Bechtel are leading the project.
“We don’t have the final value of this project, but one can imagine that it will probably be around PLN150bn,” Chadam said at the Europower conference, according to PAP.
Financing details, particularly securing debt, are still being worked out. PEJ is seeking assistance from financial advisors to attract global investors.
“We are, of course, counting on the participation of Exim, which supports all US export projects,” Chadam pointed out, referencing the US Export-Import Bank.
Potential delays add another layer of uncertainty. Chadam acknowledged that the project is unlikely to meet its initial timeline.
Despite these challenges, Poland remains committed to nuclear energy as a way to reduce carbon emissions in its energy sector, currently dominated by coal and lignite.
A report by consulting firm PWC, commissioned by Westinghouse, estimates the first 20 years of the project could contribute PLN118bn to Polish GDP.
Poland’s foray into nuclear power marks a significant shift within Central Europe. Poland currently stands alone as the only country without such facilities.
A decision on the location of the second plant is expected by 2028, with construction starting in 2032, according to the government’s strategy.
